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This spending mentality has caused thousands of South Africans ...Wondering about the usefulness of debt consolidation?For people looking at consolidation, it is important to look carefully at the interest rate you will be getting, because if the interest rate is higher than the current rate you are paying, making use of the consolidation loan doesn't add up at all.Our best advice is to speak to a financial company that will be able to assist you, to make sure what is the best debt option for you. Using one loan to consolidate your debt can solve your problems. When you take loans from many lenders, you have multiple debts. This also increases the risk of defaults and you have additional pressure of repayments.
Jevon, CT, South Africa This is also a loan and means another debt in your account. It helps you consolidate your other debts, and thus to bring down the interest rates as applicable.
Is your rising debt threatening to spiral out of control?
Are you suffering from sleepless nights and stressful days? Debt consolidation is one of the best ways to make seemingly insurmountable debt a lot more manageable.
However, there are specific instruments called debt consolidation loans, offered by creditors as part of a plan to borrowers who have difficulty managing the number or size of their outstanding debts.
Creditors are willing to do this for several reasons – one of them being that it maximizes the likelihood of collecting from a debtor.